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News

Wendy's Prices $2.2B Whole Business Securitization

The quick service hamburger company's $872 million of triple-B, 4.2-year notes pay swaps plus 185 basis points, yielding 3.38%.

BBAM Pools Older Planes in Aircraft Lease ABS

The weighted average age of the aircraft, 6.2 years, makes the pool relatively older than recent Fitch-rated transactions. A small portion of the portfolio (8.7%) is aged over 15 years, and will likely be sold at the end of the current leases.

American Tower Refinancing Its Cell Tower ABS

The company is issuing $875 million of notes that will be used, along with additional equity, to retire $960 million of outstanding notes.

Nearly $4B of Auto-Related ABS Clear New Issue Pipeline

Three of the four deals, from Honda, Ally Financial and GM, were upsized. Total issuance for the year to date now stands at $44 billion, according to Standard & Poor's.

OneMain Preps $500M Consumer Loan Securitization

The $500 million OneMain Financial Issuance Trust 2015-2 will issue will issue four tranches of notes maturing in July 2025 with preliminary ratings from Standard & Poor’s.

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Articles

Volcker Rule Extension for CLOs Comes with Big Catch

A two-year extension to the deadline for banks to conform CLO holdings to the Volcker Rule doesn't apply to all, the Federal Reserve says.

CLO Pros See No Letup in Demand

Despite regulatory hurdles, participants see nothing in the way of issuance reaching $60 billion to $70 billion this year.

Babson CEO Finke: CLOs Often Unfairly Judged

Finke says the industry needs to address the lack of understanding about its performance and role in the economy.

Cutting Solar Funding Costs

Two academics argue that aggreggating standardized assets is key to solar securitization, which can meaningfully reduce funding costs for developers.

Still No Volcker Relief for CLOs

Despite pressure from Capitol Hill, regulators are disinclined to allow banks to hold collateralized loan obligations backed by bonds.

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How CLO Managers Are Preparing for Risk Retention

It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.

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